Contact Information: For Further Information: The Walking Company Holdings, Inc. 121 Gray Avenue Santa Barbara, California 93101 www.thewalkingcompany.com www.bigdogs.com CONTACT: Alexis Dilg Investor Information (805) 963-8727, ext. 1303 alexisd@bigdogs.com
The Walking Company Holdings, Inc. Receives Letter From NASDAQ Regarding Its Delisting
| Source: The Walking Company Holdings, Inc.
SANTA BARBARA, CA--(Marketwire - March 27, 2009) - The Walking Company Holdings, Inc.
(NASDAQ : WALK ) (www.thewalkingcompany.com; www.bigdogs.com) (the "Company")
today announced that, as a result of the actions it has taken in connection
with its voluntary delisting from NASDAQ, it has received a NASDAQ
deficiency letter on March 20, 2009 indicating that the Company now fails
to comply with the audit committee requirements set forth in Marketplace
Rule 4350(d)(2), which requires a listed company to have an audit committee
composed of at least three independent directors.
The deficiency results from the Company's plan, as a cost-savings measure,
to delist its stock from NASDAQ and deregister under the Securities
Exchange Act, such that it will no longer file public statements with the
SEC. Since the Company will no longer be a reporting company to the SEC, it
decided to reduce the size of its Board of Directors. As a result of those
resignations which were announced in early March, the Company had only one
remaining audit committee member, David Walsh, and was not in compliance
with the Marketplace Rule 4350(d)(2) which requires companies have three
independent directors on their audit committees.
About the Walking Company Holdings, Inc.
The Walking Company Holdings, Inc. consists of its The Walking Company and
Big Dogs subsidiaries. The Walking Company ("TWC") is a leading independent
specialty retailer of high-quality, technically designed comfort footwear
and accessories that features premium brands such as ECCO, Mephisto,
Dansko, Uggs, and MBT, among many others. These products have particular
appeal to one of the largest and most rapidly growing demographics in the
nation. The Walking Company operates 201 stores in premium malls across the
nation. Big Dogs develops, markets and retails a branded, lifestyle
collection of unique, high-quality, popular-priced consumer products,
including active wear, casual sportswear, accessories and gifts.
Forward-Looking Statements
Except for historical information contained herein, the statements in this
release are forward-looking and made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Forward-looking
statements involve known and unknown risks and uncertainties that may cause
the Company's actual results in future periods to differ materially from
forecasted results. Those risks include, but are not limited to, statements
as to plans to delist from NASDAQ and deregister from the SEC and the
timing thereof. These and other risks are more fully described in the
Company's filings with the SEC.